iHeartMedia, Inc.

IHM Press Release Date

Tue, 06/22/2021 - 12:00

IHM Press Category

iHeartMedia Statement on the FCC’s Conditional Approval of Its Pending Radio Station Acquisitions

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NEW YORK-- March 26, 2021-- iHeartMedia, Inc. (Nasdaq:IHRT) today issued the following statement regarding approval of iHeartMedia’s pending applications to acquire certain radio stations, and the temporary shareholder restrictions required by the FCC to be imposed upon Global Media & Entertainment Investments Ltd (“GMEI”) in connection with those approvals:

“iHeartMedia values its shareholder relationships and we welcome all new shareholders to iHeartMedia. However, because GMEI is a foreign shareholder, its recent investment was inconsistent with the FCC’s foreign ownership rules and created an operating issue for us under the FCC’s regulatory framework.

As background, GMEI’s purchase of an 8.7% position in our Class A Common stock, as reported in its Schedule 13D filed with the Securities and Exchange Commission on February 5, 2021, caused a violation of the FCC’s foreign ownership regulations and the FCC’s November 5, 2020 declaratory ruling related to the company’s foreign ownership, both of which limit a foreign investor in GMEI’s position to 5% without prior FCC approval. To address this issue, over which iHeartMedia had no prior knowledge or control, we filed a remedial petition for declaratory ruling requesting FCC approval for GMEI to have the ability to increase its ownership to up to 9.99% (the ‘Petition’).

Notwithstanding the GMEI investment, the FCC has approved iHeartMedia’s acquisitions of certain stations, including stations for BIN: Black Information Network. However, the FCC has required that the company impose temporary shareholder restrictions on GMEI as a condition of approving those radio station acquisitions.

To comply with the FCC order, iHeartMedia’s Board of Directors resolved to take action consistent with the FCC’s conditional requirements. These actions include imposing temporary voting and other shareholder restrictions on GMEI which will apply during the pendency of the Petition and which are described in detail in the FCC’s decision which can be found at https://docs.fcc.gov/public/attachments/DA-21-360A1.pdf and in our 8-K filed Friday, March 26, 2021.

iHeartMedia respects the FCC process and will, as a matter of consistent policy, ensure the company’s compliance with the FCC’s foreign ownership and other regulations.”

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IHM Press Release Date

Fri, 03/26/2021 - 12:00

IHM Press Category

iHeartMedia, Inc. Completes Scheduled Exchange of Warrants for Shares of Common Stock

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NEW YORK-- January 8, 2021-- iHeartMedia, Inc. (Nasdaq: IHRT), the number one audio company in America, today completed an exchange of iHeartMedia Warrants into shares of iHeartMedia Class A Common Stock, the Company’s publicly traded equity, or Class B Common Stock. As of December 31, 2020, there were approximately (i) 65 million shares of Class A Common Stock, (ii) 7 million shares of Class B Common Stock, and (iii) 75 million Warrants outstanding. Following the exchange, there will be approximately (i) 110 million shares of Class A Common Stock, (ii) 29 million shares of Class B Common Stock, and (iii) 7 million Warrants outstanding.

The exchange was authorized by a previously issued Declaratory Ruling from the Federal Communications Commission approving an increase in iHeartMedia’s authorized aggregate foreign ownership from 25% to 100%, subject to certain conditions set forth in the Declaratory Ruling. Certain shares of Class B Common Stock and Warrants were not converted into Class A Common Stock due to current regulatory restrictions applicable to certain shareholders.

The Company expects additional conversions of Class B Common Stock and Warrants into Class A Common Stock.

Holders of iHeartMedia Warrants that were not issued stock in the exchange and have not otherwise sought to exercise their Warrants can request the exercise of their Warrants for shares of Common Stock by contacting the Computershare Call Center at (800) 736-3001 within the United States, or at +1 (781) 575-3100 outside of the United States. Holders of iHeartMedia Warrants that were issued stock in the exchange can obtain updated account information from Computershare by logging into their Computershare accounts or by calling the numbers above.

Forward-Looking Statements

Certain statements herein constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors which may cause the actual results, performance or achievements of iHeartMedia, Inc. and its subsidiaries to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The words or phrases “guidance,” “believe,” “expect,” “anticipate,” “estimates,” “forecast” and similar words or expressions are intended to identify such forward-looking statements. In addition, any statements that refer to expectations or other characterizations of future events or circumstances, such as the expected conversion of Class B Common Stock and Warrants into Class A Common Stock, are forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other important factors, some of which are beyond our control and are difficult to predict. Various risks that could cause future results to differ from those expressed by the forward-looking statements included in this press release include, but are not limited to legislative or regulatory requirements and additional risks described in the Company’s reports filed with the U.S. Securities and Exchange Commission, including in the section entitled “Item 1A. Risk Factors” of iHeartMedia, Inc.’s Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. Other unknown or unpredictable factors also could have material adverse effects on the Company’s future results, performance or achievements. In light of these risks, uncertainties, assumptions and factors, the forward-looking events discussed in this press release may not occur. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date stated, or if no date is stated, as of the date hereof. The Company does not undertake any obligation to publicly update or revise any forward-looking statements because of new information, future events or otherwise.

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IHM Press Release Date

Fri, 01/08/2021 - 12:00

IHM Press Category

iHeartMedia, Inc. To Report Quarterly Financial Results On May 7, 2020

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SAN ANTONIO, TX — April 23, 2020 — iHeartMedia, Inc. (NASDAQ: IHRT) announced today that on Thursday, May 7th, 2020, it will issue financial results for the quarter ending March 31, 2020. The company will conduct a conference call at 4:30 p.m. (ET), following the release of its earnings announcement.

A live audio webcast of the call will be available on the Investors homepage of iHeartMedia’s website (https://investors.iheartmedia.com/) beginning at 4:30 p.m. (ET) on May 7th. The conference call can also be accessed by dialing (866) 324-3683 (domestic) or (509) 844-0959 (international) using PIN number 4998294. Please call five minutes in advance to ensure that you are connected prior to the call.

An audio replay of the call will be available beginning at 7:30 p.m. (ET) on May 7th in the Events & Presentations section of iHeartMedia’s Investors home page, and at (855) 859-2056 (domestic) or (404) 537-3406 (international) using PIN number 4998294.

The earnings release and any other information related to the call will be accessible on the Investors home page of iHeartMedia’s website.

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Investors

IHM Press Release Date

Thu, 04/23/2020 - 12:00

IHM Press Category

iHeartMedia, Inc. Withdraws Full Year 2020 Guidance Due to COVID-19 Impact

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San Antonio - March 26, 2020 - iHeartMedia, Inc. (Nasdaq: IHRT) announced today that it is withdrawing its full-year 2020 financial guidance provided on its fourth quarter earnings call on February 27, 2020 due to heightened uncertainty related to the novel coronavirus pandemic (“COVID-19”), its impact on the operating and economic environment and related, near-term advertiser spending decisions.

“Given the ongoing uncertainty surrounding the duration and magnitude of the COVID-19 pandemic and its impact on the U.S. economy, we believe it is appropriate to withdraw our full-year 2020 guidance. While we cannot determine the full extent of COVID-19’s impact on our business at this time, we are monitoring this rapidly evolving situation closely and look forward to discussing our business in greater detail as part of our first quarter 2020 earnings results investor call,” said Bob Pittman, iHeart’s Chairman and Chief Executive Officer. “At iHeartMedia, our listeners rely on us as a trusted voice for companionship and calm and as a source for critically important information, especially during times of crisis and need, and we remain fully committed to fulfilling this mission.”

“iHeartMedia had a strong January and February before the effects of COVID-19 began to unfold into a global pandemic in early March. The challenges that COVID-19 has created for advertisers and consumers has impacted iHeart’s revenue in recent weeks, creating a less clear business outlook in the near term,” said Rich Bressler, iHeart’s President, Chief Operating Officer and Chief Financial Officer. “To maintain maximum financial flexibility during this period, we have drawn $350 million on our $450 million senior secured asset-based revolving credit facility (“ABL Facility”). We believe that the additional funds from drawing on our ABL Facility, in combination with our cash balance, provides us with a prudent level of liquidity at this time. We fully appreciate the unprecedented challenges posed by this crisis, however, we remain confident in our business, our employees and our strategy. With our experienced management team and our leadership position in the audio sector, we are committed to navigating this period while serving our audiences and other constituents.”

The company will provide an update on its first quarter earnings call.

Asset-based Revolving Credit Facility due 2023

On May 1, 2019, iHeartCommunications, Inc., a wholly-owned indirect subsidiary of iHeartMedia (“iHeartCommunications”), as borrower, entered into a Credit Agreement (the “ABL Credit Agreement”) with iHeartMedia Capital I, LLC, the direct parent of iHeartCommunications, as guarantor, certain subsidiaries of iHeartCommunications, as guarantors, Citibank, N.A., as administrative and collateral agent, and the lenders party thereto from time to time. The ABL Credit Agreement governs our ABL Facility, which has an aggregate principal amount of up to $450.0 million, with amounts available from time to time equal to the lesser of (a) the borrowing base and (B) the aggregate revolving credit commitments. As of December 31, 2019, iHeartCommunications had a facility size of $450.0 million, had no outstanding borrowings and had $48.1 million of outstanding letters of credit, resulting in $401.9 million of availability.

On March 13, 2020, iHeartCommunications drew $350.0 million principal amount under the ABL Facility as a precautionary measure to preserve iHeartCommunications’ financial flexibility in light of the current uncertainty in the global economy resulting from COVID-19. The proceeds will be available if needed to fund iHeartCommunications’ future working capital requirements or other general corporate purposes.

Forward-Looking Statements

Certain statements in this press release constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of iHeartMedia, Inc. and its subsidiaries (the “Company”), to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including statements about the impact of COVID-19 on our business, the economic environment and our expected financial results. The words or phrases “guidance,” “believe,” “expect,” “anticipate,” “estimates,” “forecast” and similar words or expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other important factors, some of which are beyond our control and are difficult to predict. Various risks that could cause future results to differ from those expressed by the forward-looking statements included in this release include, but are not limited to: impacts from COVID-19; uncertain global economic conditions; increased competition; dependence upon the performance of on-air talent, program hosts and management; fluctuations in operating costs; shifts in population and other demographics; impact of our substantial indebtedness; legislative or regulatory requirements; regulations and concerns regarding privacy and data protection; and the other risks described in “Item 1A. Risk Factors” of iHeartMedia, Inc.’s Annual Reports on Form 10-K for the year ended December 31, 2019. Other unknown or unpredictable factors also could have material adverse effects on the Company’s future results, performance or achievements. In light of these risks, uncertainties, assumptions and factors, the forward-looking events discussed in this press release may not occur. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date stated, or if no date is stated, as of the date of this press release. The Company does not undertake any obligation to publicly update or revise any forward-looking statements because of new information, future events or otherwise.

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IHM Press Release Date

Fri, 04/17/2020 - 12:00

IHM Press Category

iHeartMedia, Inc. Announces Cost Savings Initiatives in Response to Coronavirus Pandemic and Provides Business Update

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San Antonio - April 14, 2020 - iHeartMedia, Inc. (“iHeartMedia”) (Nasdaq: IHRT) today announced certain proactive initiatives in response to the currently weak economic environment resulting from the unfolding novel coronavirus pandemic and also provided an update on the status of its business. iHeartMedia believes that the major actions announced today - in combination with the Company’s highly resilient capital structure -- will substantially expand the Company’s financial flexibility, provide sufficient liquidity to operate effectively even in an extended period of economic weakness, and position the Company for a solid growth trajectory when advertising demand returns to normal levels.

The Company’s proactive initiatives and capital structure supports include:

Cash Balance of $647 million as of March 31, 2020
Over 90% of iHeartMedia Debt Matures in 2026 or Later¹
Patient Debt Terms: No Maintenance Covenants for Term Loan or Notes
Fundamental Strengths of the Company’s Margin and Free Cash Flow Profile
Prior Modernization Initiatives Continue: Targeting $100 million in Run-Rate Savings by 2021; expect approximately $50 million in 2020
New Cost Actions: Targeting Further $200 million Savings in 2020
New Capex Actions: Reducing Capex by Expected $80 million in 2020
CARES Act Free Cash Flow Benefit: Estimating $100 million Cash Taxes Savings in 2020
Podcasting and Digital: Strong Audience and Revenue Growth Continuing
Political Advertising: Significant Profit and Free Cash Flow Contribution Expected in 2020

Operating Expense Savings

– In addition to the in-year expected savings of approximately $50 million related to the modernization initiatives announced in February, the Company has also initiated an additional $200 million in operating expense savings for 2020 driven by:

Reductions in compensation for senior management and other employees
Furloughing of certain employees that are non-essential at this time
Suspension of new employee hiring, travel and entertainment expenses and 401(k) matching program
Major reduction of consultant fees and other discretionary expenses

– Total direct operating expense savings in 2020 are expected to be approximately $250 million

– The Company also expects to see decreased variable sales expense and commissions associated with lower revenue

¹ The Company’s notes and term loan carry maturity dates of 2026 or later, with minimal required amortization prior to maturity, and the Company’s $450 million ABL Facility matures in 2023. Required principal payments under the ABL Facility are governed by a borrowing-base formula; the Company estimates that potential required principal payments under the ABL prior to its 2023 maturity could range from zero to modest levels, even under current conservative economic-recovery scenarios.

Capital Expenditures and Cash Taxes

– Expect capital expenditures of approximately $75 million to $95 million in 2020 - a decrease of approximately $80 million from our previously announced guidance of $155 million to $175 million, which we believe will enable the Company to make key investments in our strategic initiatives related to Smart Audio and Digital, including podcasting

– Expect an estimated $100 million reduction in cash taxes in 2020 from CARES Act

Revenue Update

– While National, Local and Network revenues have declined year-to-date, Podcasting and Digital revenue continue to show strong growth trends year-over-year

– Political advertising revenue in 2020 expected to remain consistent with prior election years; contribution weighted to the second half of 2020

“We moved quickly to respond to the economic downturn resulting from the COVID-19 pandemic in order to mitigate some of the business impact and to better position ourselves to take advantage of an eventual recovery when normalized demand returns,” said Bob Pittman, iHeart’s Chairman and Chief Executive Officer. “To provide visible and aligned leadership through this downturn, our senior management team and other employees voluntarily agreed to take meaningful reductions in compensation. We want our shareholders to know that we have taken immediate and proactive steps to weather this crisis, and we expect to emerge even stronger given our sufficient liquidity, the continued strength of consumer listening, and our diversified multiple platforms, including digital and especially podcasting. In March, our podcast listening reached an all-time high as measured by number of downloads and monthly unique visitors according to Podtrac, maintaining our position as the #1 commercial podcaster in America. Additionally, listening increased across our other digital platforms including web, Smart TV, Smart Speakers and other connected devices. As we navigate the unprecedented challenges posed by this crisis, we remain confident in our business and focused on the health and safety of our employees.”

“In addition to the previously announced $350 million draw on our $450 million senior secured asset-based revolving credit facility, which provided us with a cash balance of $647 million as of March 31, 2020, we have also identified additional operating expense savings totaling approximately $200 million over the remainder of 2020,” said Rich Bressler, iHeart’s President, Chief Operating Officer and Chief Financial Officer. “These cost savings are in addition to the approximately $50 million of operating expense savings related to the modernization initiatives that we announced in February and will bring our total operating expense savings for 2020 to approximately $250 million, partially offsetting the revenue declines resulting from the COVID-19 pandemic. We believe that iHeart's fundamentally strong cash-generation model, substantial current cash balances, incremental cash savings from the major proactive initiatives announced today, and a patient capital structure position our Company with substantial liquidity reserves and will enable us to build effectively on our audio-market leadership even in highly conservative macro-economic scenarios such as an extended, multi-year period of sustained US economic weakness. We believe this substantial financial flexibility will prove a further competitive strength for our Company should the current economic slowdown continue for a prolonged period. With our experienced management team and leadership position as the #1 audio media company in America, we are confident in our business and continue our focus on driving shareholder value.”

Operational and Financial Overview

– Year-to-date, our revenue has declined compared to last year primarily driven by a downturn in traditional broadcast radio revenues in local, national and network advertising. However, Digital revenue continues to show healthy growth, driven by our leading podcasting business.

– A sharp decline in our Sponsorships business is being driven by the postponement or cancellation of a number of our live events; however, this portion of our business is the smallest contributor to our revenue and earnings and has the lowest margin of any of our segments.

– As the business environment recovers, the Company expects the traditional promotional use of radio to be a strong benefit to us. As businesses reopen both nationally and locally, iHeart believes that it is advantaged by its unparalleled reach and the live and local trusted voices that advertisers need to get their messages out quickly.

– The Company expects the contribution of political advertising revenue in the second half of 2020 to be consistent with prior election years

– iHeart believes that it is more favorably positioned to withstand the current economic environment than its predecessor company’s audio segment was in prior recessions because:

The Company now has diversified products and revenue streams and no longer relies almost exclusively on broadcast radio revenue and it benefits from favorable growth trends in its emerging businesses, such as podcasting, and from a move of ad dollars to audio, including podcasting.
iHeart’s ability to provide digital-like advertising solutions for its broadcast assets using its Smart Audio data and analytics platform, as well as offering its unique programmatic trading platform for broadcast radio.
iHeart has also built out its enhanced marketing solutions capabilities, which provide advertisers with comprehensive campaigns leveraging its multiple platforms and other opportunities beyond the more commoditized and traditional media buying, through the Company’s direct relationships with CEOs, CMOs and senior advertising agency executives.

The Company will provide a further update on its first quarter earnings call.

Forward-Looking Statements

Certain statements in this press release constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of iHeartMedia, Inc. and its subsidiaries (the “Company”), to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including statements about the impact of COVID-19 on our business, cost-savings opportunities, capital expenditures, the Company’s future capital resources, impacts from the CARES Act, the economic environment and our expected financial results. The words or phrases “guidance,” “believe,” “expect,” “anticipate,” “estimates,” “forecast” and similar words or expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other important factors, some of which are beyond our control and are difficult to predict. Various risks that could cause future results to differ from those expressed by the forward-looking statements included in this release include, but are not limited to: impacts from COVID-19; uncertain global economic conditions; increased competition; dependence upon the performance of on-air talent, program hosts and management; fluctuations in operating costs; shifts in population and other demographics; impact of our substantial indebtedness; legislative or regulatory requirements; regulations and concerns regarding privacy and data protection; and the other risks described in “Item 1A. Risk Factors” of iHeartMedia, Inc.’s Annual Reports on Form 10-K for the year ended December 31, 2019. Other unknown or unpredictable factors also could have material adverse effects on the Company’s future results, performance or achievements. In light of these risks, uncertainties, assumptions and factors, the forward-looking events discussed in this press release may not occur. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date stated, or if no date is stated, as of the date of this press release. The Company does not undertake any obligation to publicly update or revise any forward-looking statements because of new information, future events or otherwise.

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IHM Press Release Date

Fri, 04/17/2020 - 12:00

IHM Press Category

iHeartMedia Chairman and Chief Executive Officer Bob Pittman to Participate in Goldman Sachs 28th Annual Communacopia Conference

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NEW YORK — September 5, 2019 — iHeartMedia, Inc. (NASDAQ: IHRT) announced today that Bob Pittman, the company’s Chairman and Chief Executive Officer, will participate in a question and answer session during the Goldman Sachs Communacopia Conference in New York, NY on Thursday September 19, 2019 at 10:30 a.m. Eastern Time.

A live webcast of the session will be available to the general public through a link on the Investors homepage of iHeartMedia’s website (https://investors.iheartmedia.com/). A replay of the audio webcast will be available in the Events & Presentation section of iHeartMedia’s Investors homepage.

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IHM Press Release Date

Fri, 09/06/2019 - 12:00

IHM Press Category

iHeartMedia, Inc. Reports Results For 2019 Second Quarter

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San Antonio, TX, August 15, 2019 –iHeartMedia, Inc. (NASDAQ: IHRT) today reported financial results for the quarter ended June 30, 2019. IHRT successfully emerged from Chapter 11 on May 1, 2019 with a streamlined capital structure and completed the listing of its shares on the NASDAQ stock exchange (ticker: “IHRT”) on July 18, 2019.

Financial Highlights

Second Quarter

Revenue of $913.3 million, up 2.4% year-over-year
- Excluding political revenue1, revenue increased 3.9%
- Digital revenue increased 32.8% year-over-year

Operating income of $181.6 million was up 0.2% year-over-year
Adjusted EBITDA1of $262.9 million, up 3.2% year-over-year

Adjusted EBITDA margins1improved to 28.8% from 28.6%, up 20 basis points year-over-year

Year-to-Date

Revenue of $1,709.1 million, up 2.7% year-over-year
- Excluding political revenue1, revenue increased 3.7%
- Digital revenue increased 30.6% year-over-year

Operating income of $200.7 million was down from $243.3 million in the six months ended June 30, 2018 due to non-cash impairment charge of $91.4 million in first quarter of 2019
Adjusted EBITDA1of $419.9 million, up 6.4% year-over-year

Adjusted EBITDA margins1improved to 24.6% from 23.7%, up 90 basis points year-over-year

2019 Full Year Guidance

Reaffirming consolidated revenue growth of low single digits
Adjusted EBITDA margins expected to be 27-29%
Expect to generate free cash flow of $250-$275 million in the second half of the year, resulting in expected cash at year-end of $375-$400 million
- Available cash anticipated to be used primarily for debt reduction

1See Supplemental Disclosure Regarding Non-GAAP Financial Information.

“iHeartMedia is the number one audio company in America and the only true multi-platform audio company able to reach consumers at scale,” said Bob Pittman, Chairman and CEO of iHeartMedia, Inc. “There are two segments of the audio sector -- radio, which provides companionship and connection when people want to join the world; and the music collection segment, which people use when they want to tune out and escape the world. As the leader in the radio, or companionship, segment of the audio sector, iHeartMedia uses its unparalleled reach and consumer connection to deliver a compelling experience for our audiences and revenue opportunities across our multiple platforms. As we look ahead, iHeartMedia intends to increase our share of radio advertising spend, participate in TV and digital advertising revenue pools, extend our leadership in podcasting and drive sponsorship revenue.”

“We successfully emerged from Chapter 11 on May 1, 2019 and are pleased that the restructuring process resulted in a capital structure that matches our successful operating business. We now have an iHeart business that will focus exclusively on increasing our lead as the number one audio company in the U.S. As demonstrated in our results, iHeartMedia’s increased revenue and overall positive financial performance reflects the resilience and growth of our businesses and the value of our recent investments, particularly in podcasting and data and analytics,” said Rich Bressler, President, Chief Operating Officer, and Chief Financial Officer. “We are focused on building long-term shareholder value through a combination of operational and capital structure initiatives and we are prioritizing de-leveraging in our capital allocation policies.”

Key Operational Highlights

Continued to outperform the broadcast radio industry

Outperformed the broadcast radio industry by over 350 basis points this year alone, according to Miller Kaplan.
iHeartMedia is ranked #1 in over 4 times more markets than the next largest broadcast group in its top 160 markets.
iHeartMedia reaches 275 million Americans - more than the top two closest broadcast radio competitors combined.

Extended leadership in the fast-growing podcast segment

#1 commercial podcaster in America measured by monthly downloads and unique listeners as measured by Podtrac.
More than 300% growth in podcast listeners on the iHeartRadio app in the last year.
Expanded unique monthly podcast audience by 277% year over year - faster than any other major company.
Launched new original podcasts on iHeartRadio, including “Insomniac,” hosted by Scott Benjamin, “Sleepwalkers,” hosted by Emmy and Peabody Award winner Oz Woloshyn and co-hosted by Karah Preiss, former host of The Huffington Post science show “Talk Nerdy To Me,” and “Life Will Be the Death of Me,” hosted by comedian Chelsea Handler.

Produced events that enhance artist partnerships, provide crossover promotions for our stations and deliver unique brand building and activation opportunities to advertisers

Announced the lineup for the “2019 iHeartRadio Music Festival,” the annual two-day event hosted at Las Vegas’ T-Mobile Arena, which will be broadcast live via iHeartMedia radio stations across more than 150 markets and will air on a televised special on The CW Network and will be live-streamed on The CW App.
Hosted the “2019 iHeartRadio Wango Tango Presented by The JUVÉDERM® Collection of Dermal Fillers” at the Dignity Health Sports Park in Los Angeles, which was exclusively broadcast in a 90-minute television special on Freeform, livestreamed by LiveXLive, and aired on iHeartMedia radio stations across 100 markets.
Showcased Country music’s biggest superstars at the sixth annual “iHeartCountry Festival Presented by Capital One®” at the Frank Erwin Center in Austin, Texas, which was broadcasted live in over 100+ local markets and on iHeartRadio.com, as well as livestreamed exclusively on LiveXLive.

Expanded our reach through digital and social channels

Posted our 12thconsecutive month of year-over-year total listening hours growth, as of June 2019.
Finished the quarter with more than 130 million registered users on the iHeartRadio app.
Recorded 13 million monthly unique visitors on Snapchat and 23 million monthly unique visitors on YouTube.

Consolidated Results of Operations

GAAP and Non-GAAP Measures

(In thousands)	Successor Company		Predecessor Company		Non-GAAP Combined2		Predecessor Company
	Period from May 2, 2019 through June 30,		Period from April 1, 2019 through May 1,		Three Months Ended June 30,		Three Months Ended June 30,			%
	2019		2019		2019		2018			Change
Revenue	$	635,646	$	277,674	$	913,320	$	891,764		2.4	%
Operating income	$	133,688	$	47,891	$	181,579	$	181,239		0.2	%
Net income (loss)	$	38,793	$	11,298,524	$	11,337,317	$	(69,899	)	nm
Adjusted EBITDA1	$	194,753	$	68,097	$	262,850	$	254,784		3.2	%

(In thousands)	Successor Company		Predecessor Company		Non-GAAP Combined2		Predecessor Company
	Period from May 2, 2019 through June 30,		Period from January 1, 2019 through May 1,		Six Months Ended June 30,		Six Months Ended June 30,			%
	2019		2019		2019		2018			Change
Revenue	$	635,646	$	1,073,471	$	1,709,117	$	1,664,536		2.7	%
Operating income	$	133,688	$	67,040	$	200,728	$	243,349		(17.5	)%
Net income (loss)	$	38,793	$	11,184,141	$	11,222,934	$	(486,893	)	nm
Adjusted EBITDA1	$	194,753	$	225,149	$	419,902	$	394,758		6.4	%

Certain prior period amounts have been reclassified to conform to the 2019 presentation of financial information throughout the press release.

See the end of this press release for reconciliations of (i) Adjusted EBITDA to net income (loss) and (ii) revenue, excluding political advertising revenue, to revenue. See also the definition of Adjusted EBITDA and Adjusted EBITDA margin under the Supplemental Disclosure section in this release.
See Supplemental Disclosure Regarding Non-GAAP Financial Information.

As of June 30, 2019, we had 145,274,997 common shares and warrants outstanding, including 56,873,782 shares of Class A Common Stock, 6,947,567 shares of Class B Common Stock and 81,453,648 special warrants. The Class B Common Stock and the special warrants are convertible on a 1:1 basis into shares of Class A Common Stock, upon satisfaction of certain conditions.

Second Quarter 2019 Results

Revenue increased $21.6 million, or 2.4%, during the second quarter of 2019 as compared to the second quarter of 2018. Revenue increased as a result of higher digital revenue which increased $22.5 million driven by growth in podcasting, primarily as a result of our acquisition of Stuff Media in October 2018, as well as other digital revenue, including live radio and other on-demand services. Broadcast spot revenue decreased $7.8 million, primarily driven by an $8.1 million decrease in political revenue as a result of 2018 being a mid-term congressional election year, partially offset by increased programmatic buying by our national customers. Revenue from our Network businesses, including both Premiere and Total Traffic & Weather, increased $8.9 million, and Audio and Media Services revenue decreased $2.9 million as a result of a $4.1 million decrease in political revenue.

Direct operating expenses increased $13.1 million, or 5.0%, during the second quarter of 2019 as compared to the second quarter of 2018. Higher direct operating expenses were driven primarily by higher variable expenses, including digital royalties, content costs and production expenses from higher podcasting and digital subscription revenue. We also incurred a $1.2 million increase as a result of the application of fresh start accounting, and a $1.2 million increase due to the impact of the adoption of the new leasing standard in the first quarter of 2019. SG&A expenses increased $2.5 million, or 0.8%, during the second quarter of 2019 as compared to the second quarter of 2018. Higher employee costs, primarily driven by the acquisitions of Stuff Media and Jelli in the fourth quarter of 2018, were partially offset by lower commissions as a result of our revenue mix and by a $1.3 million impact as a result of the application of fresh start accounting.

Operating income increased $0.3 million, or 0.2%, during the second quarter of 2019 as compared to the second quarter of 2018.

Net income of $11.3 billion during the second quarter of 2019 was driven by a net gain of $9.5 billion recognized in relation to our emergence from bankruptcy and a $1.8 billion gain on disposal of our Outdoor business.

The Company's Adjusted EBITDA increased 3.2% to $262.9 million during the second quarter of 2019 as compared to the second quarter of 2018.

YTD 2019 Results

Revenue increased $44.6 million, or 2.7%, during the six months ended June 30, 2019 as compared to the six months ended June 30, 2018. The increase in revenue is primarily due to higher digital revenue of $39.1 million driven by growth in podcasting, primarily as a result of our acquisition of Stuff Media in October 2018, as well as other digital revenue, including live radio and other on-demand services and revenue from our Network businesses, including both Premiere and Total Traffic & Weather, which increased $15.0 million. Broadcast spot revenue decreased $10.7 million, primarily due to a $10.9 million decrease in political revenue as a result of 2018 being a mid-term congressional election year. Audio and Media Services revenue decreased $0.9 million due to a $5.1 million decrease in political revenue.

Direct operating expenses increased $39.2 million, or 7.8%, during the six months ended June 30, 2019 as compared to the six months ended June 30, 2018. Higher direct operating expenses were driven primarily by higher digital royalties, content costs and compensation-related expenses from higher podcasting and digital subscription revenue, as well as higher production costs related to our events, including the iHeartRadio Music Awards. We also incurred a $2.4 million increase in lease expense due to the impact of the adoption of the new leasing standard in the first quarter of 2019. SG&A expenses decreased $10.8 million, or 1.6%, during the six months ended June 30, 2019 as compared to the six months ended June 30, 2018. The decrease in our SG&A expenses was due to lower trade and barter expenses, primarily resulting from timing, partially offset by higher employee costs, primarily driven by the acquisitions of Stuff Media and Jelli in the fourth quarter of 2018.

Operating income decreased $42.6 million, or 17.5%, during the six months ended June 30, 2019 as compared to the six months ended June 30, 2018 as a result of a $91.4 million non-cash impairment charge recorded in the first quarter of 2019.

Net income of $11.2 billion in the six months ended June 30, 2019 was driven by a net gain of $9.5 billion recognized in relation to our emergence from bankruptcy and a $1.8 billion gain on disposal of our Outdoor business.

The Company's Adjusted EBITDA increased 6.4% to $419.9 million during the six months ended June 30, 2019 as compared to the six months ended June 30, 2018.

Liquidity and Financial Position

As of June 30, 2019, we had $127.2 million of cash on our balance sheet. We made cash interest payments of $137.5 million in the six months ended June 30, 2019 compared to $206.9 million in the six months ended June 30, 2018. For the six months ended June 30, 2019, cash provided by operating activities was $43.0 million, cash used for investing activities was $278.9 million and cash used for financing activities was $56.2 million.

Capital expenditures for the six months ended June 30, 2019 were $53.6 million compared to $27.3 million in the six months ended June 30, 2018. We estimate total capital expenditures for 2019 to be between $110 million and $120 million.

Our emergence from bankruptcy resulted in a new capital structure with significantly lower levels of long-term debt and a corresponding decrease in debt service requirements after emergence compared to historical debt levels. Our consolidated long-term debt decreased from $20.5 billion to approximately $5.8 billion.

Our primary sources of liquidity are cash on hand, which consisted of $127.2 million as of June 30, 2019, cash flow from operations and borrowing capacity under our ABL Facility. As of June 30, 2019, we had no borrowings outstanding under the ABL Facility, a borrowing base of $450.0 million and $59.2 million of outstanding letters of credit, resulting in $390.8 million of excess availability. We expect that our primary uses of liquidity will be to fund our working capital, make interest payments and voluntary prepayments of principal payments on our long-term debt, capital expenditures and other obligations.

Over the past ten years, we have transitioned our Audio business from a single platform radio broadcast operator to a company with multiple platforms including podcasting, networks and live events. We have also invested in numerous technologies and businesses to increase the competitiveness of our inventory with our advertisers and our audience. We believe that our ability to generate cash flow from operations from these business initiatives and borrowing capacity under our ABL Facility, taken together, will provide sufficient resources to operate our businesses, fund capital expenditures and other obligations and make principal and interest payments on our long-term debt that will ultimately de-lever our balance sheet over time.

On August 7, 2019, we completed the sale of $750.0 million in aggregate principal amount of 5.25% Senior Secured Notes due 2027 (the "Notes") in a private placement. We used the net proceeds from the Notes, together with cash on hand, to prepay at par $740.0 million of borrowings outstanding under our Term Loan Facility. Our Term Loan Facility called for quarterly principal payments of approximately $8.75 million in addition to interest payments at LIBOR + 4.00%. As a result of our $740 million pre-payment, no such principal payments are required for the remaining term of the Term Loan Facility - resulting in an approximately $35 million annual reduction in required debt service payments. In addition, annual cash interest payments are expected to be approximately $7 million lower than would have been required before the refinancing transaction.

Comparison of operating performance:

(In thousands)	Successor Company			Predecessor Company			Non-GAAP Combined2			Predecessor Company
	Period from May 2, 2019 through June 30,			Period from April 1, 2019 through May 1,			Three Months Ended June 30,			Three Months Ended June 30,			%
	2019			2019			2019			2018			Change
Revenue	$	635,646		$	277,674		$	913,320		$	891,764		2.4	%
Operating expenses:
Direct operating expenses (excludes depreciation and amortization)	184,291			92,581			276,872			263,752			5.0	%
Selling, general and administrative expenses (excludes depreciation and amortization)	227,140			103,552			330,692			328,200			0.8	%
Corporate expenses (excludes depreciation and amortization)	34,390			18,979			53,369			52,478			1.7	%
Depreciation and amortization	59,383			14,544			73,927			64,877
Impairment charges	—			—			—			—
Other operating income (expense), net	3,246			(127		)	3,119			(1,218		)
Operating income	$	133,688		$	47,891		$	181,579		$	181,239
Depreciation and amortization	59,383			14,544			73,927			64,877
Other operating expense (income), net	(3,246		)	127			(3,119		)	1,218
Non-cash compensation expense	1,889			5,430			7,319			6,856
Restructuring and reorganization expenses	3,039			105			3,144			594
Adjusted EBITDA1	194,753			68,097			262,850			254,784

(In thousands)	Successor Company			Predecessor Company			Non-GAAP Combined2			Predecessor Company
	Period from May 2, 2019 through June 30,			Period from January 1, 2019 through May 1,			Six Months Ended June 30,			Six Months Ended June 30,			%
	2019			2019			2019			2018			Change
Revenue	$	635,646		$	1,073,471		$	1,709,117		$	1,664,536		2.7	%
Operating expenses:
Direct operating expenses (excludes depreciation and amortization)	184,291			359,696			543,987			504,818			7.8	%
Selling, general and administrative expenses (excludes depreciation and amortization)	227,140			436,345			663,485			674,292			(1.6	)%
Corporate expenses (excludes depreciation and amortization)	34,390			66,020			100,410			105,376			(4.7	)%
Depreciation and amortization	59,383			52,834			112,217			132,251
Impairment charges	—			91,382			91,382			—
Other operating income (expense), net	3,246			(154		)	3,092			(4,450		)
Operating income	$	133,688		$	67,040		$	200,728		$	243,349
Depreciation and amortization	59,383			52,834			112,217			132,251
Impairment	—			91,382			91,382			—
Other operating expense (income), net	(3,246		)	154			(3,092		)	4,450
Non-cash compensation expense	1,889			13,241			15,130			13,536
Restructuring and reorganization expenses	3,039			498			3,537			1,172
Adjusted EBITDA1	$	194,753		$	225,149		$	419,902		$	394,758

Certain prior period amounts have been reclassified to conform to the 2019 presentation of financial information throughout the press release.

See the end of this press release for reconciliations of (i) Adjusted EBITDA to net income (loss) and (ii) revenue, excluding political advertising revenue, to revenue. See also the definition of Adjusted EBITDA under the Supplemental Disclosure section in this release.
See Supplemental Disclosure Regarding Non-GAAP Financial Information.

TABLE 1 - Statements of Operations

(In thousands)	Successor Company			Predecessor Company			Non-GAAP Combined			Predecessor Company
	Period from May 2, 2019 through June 30,			Period from April 1, 2019 through May 1,			Three Months Ended June 30,			Three Months Ended June 30,
	2019			2019			2019			2018
Revenue	$	635,646		$	277,674		$	913,320		$	891,764
Operating expenses:
Direct operating expenses (excludes depreciation and amortization)	184,291			92,581			276,872			263,752
Selling, general and administrative expenses (excludes depreciation and amortization)	227,140			103,552			330,692			328,200
Corporate expenses (excludes depreciation and amortization)	34,390			18,979			53,369			52,478
Depreciation and amortization	59,383			14,544			73,927			64,877
Other operating income (expense), net	3,246			(127		)	3,119			(1,218		)
Operating income	133,688			47,891			181,579			181,239
Interest expense	69,711			(400		)	69,311			10,613
Loss on investments, net	—			—			—			9,175
Equity in loss of nonconsolidated affiliates	(24		)	(59		)	(83		)	(32		)
Other income (expense), net	(9,157		)	150			(9,007		)	(2,058		)
Reorganization items, net	—			9,497,944			9,497,944			(68,740		)
Income from continuing operations before income taxes	54,796			9,546,326			9,601,122			108,971
Income tax benefit (expense)	(16,003		)	(100,289		)	(116,292		)	(142,032		)
Income (loss) from continuing operations	38,793			9,446,037			9,484,830			(33,061		)
Income (loss) from discontinued operations, net of tax	—			1,854,677			1,854,677			(33,229		)
Net income (loss)	38,793			11,300,714			11,339,507			(66,290		)
Less amount attributable to noncontrolling interest	—			2,190			2,190			3,609
Net income (loss) attributable to the Company	$	38,793		$	11,298,524		$	11,337,317		$	(69,899	)

(In thousands)	Successor Company			Predecessor Company			Non-GAAP Combined			Predecessor Company
	Period from May 2, 2019 through June 30,			Period from January 1, 2019 through May 1,			Six Months Ended June 30,			Six Months Ended June 30,
	2019			2019			2019			2018
Revenue	$	635,646		$	1,073,471		$	1,709,117		$	1,664,536
Operating expenses:
Direct operating expenses (excludes depreciation and amortization)	184,291			359,696			543,987			504,818
Selling, general and administrative expenses (excludes depreciation and amortization)	227,140			436,345			663,485			674,292
Corporate expenses (excludes depreciation and amortization)	34,390			66,020			100,410			105,376
Depreciation and amortization	59,383			52,834			112,217			132,251
Impairment charges	—			91,382			91,382			—
Other operating income (expense), net	3,246			(154		)	3,092			(4,450		)
Operating income	133,688			67,040			200,728			243,349
Interest expense	69,711			(499		)	69,212			331,746
Loss on investments, net	—			(10,237		)	(10,237		)	9,175
Equity in loss of nonconsolidated affiliates	(24		)	(66		)	(90		)	(63		)
Other expense, net	(9,157		)	23			(9,134		)	(22,474		)
Reorganization items, net	—			9,461,826			9,461,826			(260,795		)
Income (loss) from continuing operations before income taxes	54,796			9,519,085			9,573,881			(362,554		)
Income tax benefit (expense)	(16,003		)	(39,095		)	(55,098		)	20,701
Income (loss) from continuing operations	38,793			9,479,990			9,518,783			(341,853		)
Loss from discontinued operations, net of tax	—			1,685,123			1,685,123			(157,477		)
Net income (loss)	38,793			11,165,113			11,203,906			(499,330		)
Less amount attributable to noncontrolling interest	—			(19,028		)	(19,028		)	(12,437		)
Net income (loss) attributable to the Company	$	38,793		$	11,184,141		$	11,222,934		$	(486,893	)

TABLE 2 - Selected Balance Sheet Information

Selected balance sheet information for June 30, 2019 and December 31, 2018:

	Successor Company		Predecessor Company
(In millions)	June 30, 2019		December 31, 2018
Cash	$	127.2	$	224.0
Total Current Assets	1,113.7		2,235.0
Net Property, Plant and Equipment	834.2		502.2
Total Assets	10,997.8		12,269.5
Current Liabilities (excluding current portion of long-term debt)	672.2		1,201.5
Long-term Debt (including current portion of long-term debt)	5,810.5		46.1
Shareholders’ Equity (Deficit)	2,820.0		(11,560.3		)

Included within the Predecessor Company's Consolidated Balance Sheet as of December 31, 2018 were current assets, long-term assets, current liabilities and long-term liabilities of $1,015.8 million, $3,351.5 million, $729.8 million and $5,872.3 million, respectively, of the Company's Outdoor business classified as discontinued operations.

TABLE 3 - Total Debt

At June 30, 2019 and December 31, 2018, iHeartMedia, Inc. had total debt and cash and cash equivalents of:

(In millions)	Successor Company		Predecessor Company
	June 30, 2019		December 31, 2018
Term Loan Facility due 2026(1)	$	3,498.2	$	—
Debtors-in-Possession Facility(2)	—		—
Asset-based Revolving Credit Facility due 2023(2)	—		—
6.375% Senior Secured Notes due 2026	800.0		—
Other Secured Subsidiary Debt	4.4		—
Total Secured Debt	4,302.6		—

8.375% Senior Unsecured Notes due 2027	1,450.0		—
Other Subsidiary Debt	57.9		46.1
Purchase accounting adjustments and original issue discount	—		—
Long-term debt fees	—		—
Liabilities subject to compromise(3)	—		15,149.5
Total Debt	5,810.5		15,195.6
Less: Cash and cash equivalents	127.2		224.0
	$	5,683.3	$	14,971.6

1On August 7, 2019, we completed the sale of $750.0 million in aggregate principal amount of 5.25% Senior Secured Notes due 2027 (the "Notes") in a private placement. We used the net proceeds from the Notes, together with cash on hand, to prepay at par $740.0 million of borrowings outstanding under our term loan facility.

2The Debtors-in-Possession Facility (the "DIP Facility"), which terminated with our emergence from the Chapter 11 Cases, provided for borrowings of up to $450.0 million. Upon the effectiveness of the Plan of Reorganization on May 1, 2019, the DIP Facility was repaid and canceled and we entered into the Asset-based Revolving Credit Facility (the "ABL Facility"). As of June 30, 2019, we had a facility size of $450.0 million under iHeartCommunications' ABL Facility, had no outstanding borrowings and had $59.2 million of outstanding letters of credit, resulting in $390.8 million of excess availability.

3In connection with our Chapter 11 Cases, the $6.3 billion outstanding under the Senior Secured Credit Facilities, the $1,999.8 million outstanding under the 9.0% Priority Guarantee Notes due 2019, the $1,750.0 million outstanding under the 9.0% Priority Guarantee Notes due 2021, the $870.5 million of 11.25% Priority Guarantee Notes due 2021, the $1,000.0 million outstanding under the 9.0% Priority Guarantee Notes due 2022, the $950.0 million outstanding under the 10.625% Priority Guarantee Notes due 2023, $6.0 million outstanding Other Secured Subsidiary Debt, the $1,781.6 million outstanding under the 14.0% Senior Notes due 2021, the $475.0 million outstanding under the Legacy Notes and $10.8 million outstanding Other Subsidiary Debt were reclassified to Liabilities subject to compromise in our Consolidated Balance Sheet during the Predecessor period.

The current portion of long-term debt was $53.4 million and $46.1 million as of June 30, 2019 and December 31, 2018, respectively.

On May 1, 2019, in accordance with the Plan of Reorganization iHeart Operations, Inc., a wholly-owned subsidiary, issued and sold 60,000 shares of Series A Perpetual Preferred Stock for net proceeds of $58.4 million. The Series A Preferred Stock is mandatorily redeemable in ten years and is therefore classified as debt on our balance sheet, with dividends treated as interest expense.

Supplemental Disclosure Regarding Non-GAAP Financial Information

The following tables set forth the Company’s Adjusted EBITDA for the three months and six months ended June 30, 2019 and 2018. Adjusted EBITDA is defined as consolidated Operating income adjusted to exclude restructuring and reorganization expenses included within Direct operating expenses, Selling, General and Administrative expenses, (“SG&A”) and Corporate expenses and non-cash compensation expenses included within Corporate expenses, as well as the following line items presented in our Statements of Operations: Depreciation and amortization; Impairment charges; and Other operating income (expense), net. Alternatively, Adjusted EBITDA is calculated as Consolidated net income (loss), adjusted to exclude Income tax (benefit) expense, Interest expense, Depreciation and amortization, Reorganization items, net, Other (income) expense, net, Loss on investments, net, Equity in earnings (loss) of nonconsolidated affiliates, Impairment charges, Other operating (income) expense, net, share-based compensation, and restructuring and reorganization expenses. Restructuring expenses primarily include severance expenses incurred in connection with cost savings initiatives and other expenses for matters management does not believe to be indicative of on-going operations. Reorganization expenses primarily include the amortization of retention bonus amounts paid or payable to certain members of management directly as a result of the Reorganization.

Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by Revenue.

The Company uses Adjusted EBITDA and Adjusted EBITDA margin, among other measures, to evaluate the Company’s operating performance. Adjusted EBITDA is among the primary measures used by management for the planning and forecasting of future periods, as well as for measuring performance for compensation of executives and other members of management. We believe this measure is an important indicator of the Company’s operational strength and performance of its business because it provides a link between operational performance and operating income. It is also a primary measure used by management in evaluating companies as potential acquisition targets.

The Company believes the presentation of this measure is relevant and useful for investors because it allows investors to view performance in a manner similar to the method used by the Company’s management. The Company believes it helps improve investors’ ability to understand the Company’s operating performance and makes it easier to compare the Company’s results with other companies that have different capital structures or tax rates. In addition, the Company believes this measure is also among the primary measures used externally by the Company’s investors, analysts and peers in its industry for purposes of valuation and comparing the operating performance of the Company to other companies in its industry.

Since Adjusted EBITDA is not a measure calculated in accordance with GAAP, it should not be considered in isolation of, or as a substitute for, operating income as an indicator of operating performance and may not be comparable to similarly titled measures employed by other companies. Adjusted EBITDA is not necessarily a measure of the Company’s ability to fund its cash needs. As it excludes certain financial information compared with operating income, the most directly comparable GAAP financial measure, users of this financial information should consider the types of events and transactions which are excluded.

The Company presents revenue, excluding the effects of political revenue. Due to the cyclical nature of the electoral system and the seasonality of the related political revenue, management believes presenting revenue, excluding the effects of political revenue, provides additional information to investors about the Company’s revenue growth from period to period.

Since these non-GAAP financial measures are not calculated in accordance with GAAP, they should not be considered in isolation of, or as a substitute for, the most directly comparable GAAP financial measures as an indicator of operating performance.

As required by the SEC rules, the Company provides reconciliations below to the most directly comparable amounts reported under GAAP, including (i) Adjusted EBITDA to net income (loss) and (ii) revenue, excluding political advertising revenue, to revenue.

Predecessor - Successor Presentation

Our financial results for the periods from April 1, 2019 through May 1, 2019, from January 1, 2019 through May 1, 2019 and for the three and six months ended June 30, 2018 are referred to as those of the “Predecessor” period. Our financial results for the period from May 2, 2019 through June 30, 2019 are referred to as those of the “Successor” period. Our results of operations as reported in our Consolidated Financial Statements for these periods are prepared in accordance with GAAP. Although GAAP requires that we report on our results for the period from April 1, 2019 through May 1, 2019, from January 1, 2019 through May 1, 2019 and the period from May 2, 2019 through June 30, 2019 separately, management views the Company’s operating results for the three and six months ended June 30, 2019 by combining the results of the applicable Predecessor and Successor periods because such presentation provides the most meaningful comparison of our results to prior periods.

The Company cannot adequately benchmark the operating results of the period from May 2, 2019 through June 30, 2019 against any of the previous periods reported in its Consolidated Financial Statements without combining it with the period from April 1, 2019 through May 1, 2019 and the period from January 1, 2019 through May 1, 2019 and does not believe that reviewing the results of this period in isolation would be useful in identifying trends in or reaching conclusions regarding the Company’s overall operating performance. Management believes that the key performance metrics such as revenue, operating income and Adjusted EBITDA for the Successor period when combined with the Predecessor period provides more meaningful comparisons to other periods and are useful in identifying current business trends. Accordingly, in addition to presenting our results of operations as reported in our Consolidated Financial Statements in accordance with GAAP, the tables and discussion included within this release also present the combined results for the three and six months ended June 30, 2019.

The combined results for the three months ended June 30, 2019, which we refer to herein as the results for the "three months ended June 30, 2019" represent the sum of the reported amounts for the Predecessor period from April 1, 2019 through May 1, 2019 and the Successor period from May 2, 2019 through June 30, 2019. The combined results for the six months ended June 30, 2019, which we refer to herein as the results for the "six months ended June 30, 2019" represent the sum of the reported amounts for the Predecessor period from January 1, 2019 through May 1, 2019 and the Successor period from May 2, 2019 through June 30, 2019. These combined results are not considered to be prepared in accordance with GAAP and have not been prepared as pro forma results per applicable regulations. The combined operating results do not reflect the actual results we would have achieved absent our emergence from bankruptcy and may not be indicative of future results.

Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA

(In thousands)	Successor Company			Predecessor Company			Non-GAAP Combined			Predecessor Company
	Period from May 2, 2019 through June 30,			Period from April 1, 2019 through May 1,			Three Months Ended June 30,			Three Months Ended June 30,
	2019			2019			2019			2018
Net income (loss)	$	38,793		$	11,300,714		$	11,339,507		$	(66,290	)
(Income) loss from discontinued operations, net of tax	—			(1,854,677		)	(1,854,677		)	33,229
Income tax (benefit) expense	16,003			100,289			116,292			142,032
Interest expense	69,711			(400		)	69,311			10,613
Depreciation and amortization	59,383			14,544			73,927			64,877
EBITDA from continuing operations	$	183,890		$	9,560,470		$	9,744,360		$	184,461
Reorganization items, net	—			(9,497,944		)	(9,497,944		)	68,740
(Gain) loss on investments, net	—			—			—			(9,175		)
Other (income) expense, net	9,157			(150		)	9,007			2,058
Equity in (earnings) loss of nonconsolidated affiliates	24			59			83			32
Impairment charges	—			—			—			—
Other operating (income) expense, net	(3,246		)	127			(3,119		)	1,218
Share-based compensation	3,039			105			3,144			594
Restructuring and reorganization expenses	1,889			5,430			7,319			6,856
Adjusted EBITDA from continuing operations	$	194,753		$	68,097		$	262,850		$	254,784

(In thousands)	Successor Company			Predecessor Company			Non-GAAP Combined			Predecessor Company
	Period from May 2, 2019 through June 30,			Period from January 1, 2019 through May 1,			Six Months Ended June 30,			Six Months Ended June 30,
	2019			2019			2019			2018
Net income (loss)	$	38,793		$	11,165,113		$	11,203,906		$	(499,330	)
(Income) loss from discontinued operations, net of tax	—			(1,685,123		)	(1,685,123		)	157,477
Income tax (benefit) expense	16,003			39,095			55,098			(20,701		)
Interest expense	69,711			(499		)	69,212			331,746
Depreciation and amortization	59,383			52,834			112,217			132,251
EBITDA from continuing operations	$	183,890		$	9,571,420		$	9,755,310		$	101,443
Reorganization items, net	—			(9,461,826		)	(9,461,826		)	260,795
(Gain) loss on investments, net	—			10,237			10,237			(9,175		)
Other (income) expense, net	9,157			(23		)	9,134			22,474
Equity in (earnings) loss of nonconsolidated affiliates	24			66			90			63
Impairment charges	—			91,382			91,382			—
Other operating (income) expense, net	(3,246		)	154			(3,092		)	4,450
Share-based compensation	3,039			498			3,537			1,172
Restructuring and reorganization expenses	1,889			13,241			15,130			13,536
Adjusted EBITDA from continuing operations	$	194,753		$	225,149		$	419,902		$	394,758

Reconciliation of Revenue, excluding Political Advertising Revenue, to Revenue

(In thousands)	Successor Company			Predecessor Company			Non-GAAP Combined			Predecessor Company
	Period from May 2, 2019 through June 30,			Period from April 1, 2019 through May 1,			Three Months Ended June 30,			Three Months Ended June 30,			% Change
	2019			2019			2019			2018			% Change
Consolidated revenue	$	635,646		$	277,674		$	913,320		$	891,764		2.4	%
Excluding: Political revenue	(3,196		)	(1,696		)	(4,892		)	(17,088		)
Consolidated revenue, excluding effects of political revenue	$	632,450		$	275,978		$	908,428		$	874,676		3.9	%

Audio revenue	$	596,230		$	260,461		$	856,691		$	831,948		3.0	%
Excluding: Political revenue	(2,669		)	(1,360		)	(4,029		)	(12,112		)
Audio revenue excluding, effects of political revenue	$	593,561		$	259,101		$	852,662		$	819,836		4.0	%

Audio & media services revenue	$	40,537		$	17,970		$	58,507		$	61,417		(4.7	)%
Excluding: Political revenue	(527		)	(336		)	(863		)	(4,976		)
Audio & media services revenue, excluding effects of political revenue	$	40,010		$	17,634		$	57,644		$	56,441		2.1	%

(In thousands)	Successor Company			Predecessor Company			Non-GAAP Combined			Predecessor Company
	Period from May 2, 2019 through June 30,			Period from January 1, 2019 through May 1,			Six Months Ended June 30,			Six Months Ended June 30,			% Change
	2019			2019			2019			2018			% Change
Consolidated revenue	$	635,646		$	1,073,471		$	1,709,117		$	1,664,536		2.7	%
Excluding: Political revenue	(3,196		)	(4,777		)	(7,973		)	(24,084		)
Consolidated revenue, excluding effects of political revenue	$	632,450		$	1,068,694		$	1,701,144		$	1,640,452		3.7	%

Audio revenue	$	596,230		$	1,006,677		$	1,602,907		$	1,557,050		2.9	%
Excluding: Political revenue	(2,669		)	(3,980		)	(6,649		)	(17,558		)
Audio revenue excluding, effects of political revenue	$	593,561		$	1,002,697		$	1,596,258		$	1,539,492		3.7	%

Audio & media services revenue	$	40,537		$	69,362		$	109,899		$	110,759		(0.8	)%
Excluding: Political revenue	(527		)	(797		)	(1,324		)	(6,526		)
Audio & media services revenue, excluding effects of political revenue	$	40,010		$	68,565		$	108,575		$	104,233		4.2	%

Revenue Streams

The tables below present the comparison of our historical revenue streams for the periods presented:

(In thousands)	Successor Company			Predecessor Company			Non-GAAP Combined			Predecessor Company
	Period from May 2, 2019 through June 30,			Period from April 1, 2019 through May 1,			Three Months Ended June 30,			Three Months Ended June 30,			%
	2019			2019			2019			2018			Change
Broadcast Radio	$	390,540		$	170,632		$	561,172		$	568,968		(1.4	)%
Digital	64,238			26,840			91,078			68,574			32.8	%
Networks	105,426			50,889			156,315			146,981			6.4	%
Sponsorship and Events	31,790			10,617			42,407			41,256			2.8	%
Audio and Media Services	40,537			17,970			58,507			61,417			(4.7	)%
Other	4,236			1,483			5,719			6,169			(7.3	)%
Eliminations	(1,121		)	(757		)	(1,878		)	(1,601		)
Revenue, total	$	635,646		$	277,674		$	913,320		$	891,764		2.4	%

(In thousands)	Successor Company			Predecessor Company			Non-GAAP Combined			Predecessor Company
	Period from May 2, 2019 through June 30,			Period from January 1, 2019 through May 1,			Six Months Ended June 30,			Six Months Ended June 30,			%
	2019			2019			2019			2018			Change
Broadcast Radio	$	390,540		$	657,864		$	1,048,404		$	1,059,111		(1.0	)%
Digital	64,238			102,789			167,027			127,941			30.6	%
Networks	105,426			189,088			294,514			279,032			5.5	%
Sponsorship and Events	31,790			50,330			82,120			79,148			3.8	%
Audio and Media Services	40,537			69,362			109,899			110,759			(0.8	)%
Other	4,236			6,606			10,842			11,818			(8.3	)%
Eliminations	(1,121		)	(2,568		)	(3,689		)	(3,273		)
Revenue, total	$	635,646		$	1,073,471		$	1,709,117		$	1,664,536		2.7	%

Conference Call

iHeartMedia, Inc. will host a conference call to discuss results on August 15, 2019, at 8:30 a.m. Eastern Time. The conference call number is (800) 230-1059 (U.S. callers) and (612) 234-9959 (International callers) and the passcode for both is 470499. A live audio webcast of the conference call will also be available on the Investors homepage of iHeartMedia's website investor.iheartmedia.com. After the live conference call, a replay will be available for a period of thirty days. The replay numbers are (800) 475-6701 (U.S. callers) and (320) 365-3844 (International callers) and the passcode for both is 470799. An archive of the webcast will be available beginning 24 hours after the call for a period of thirty days.

Certain statements herein constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of iHeartMedia, Inc. and its subsidiaries, including iHeartMedia Capital I, LLC and iHeartCommunications, Inc., to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The words or phrases “guidance,” “believe,” “expect,” “anticipate,” “estimates,” “forecast” and similar words or expressions are intended to identify such forward-looking statements. In addition, any statements that refer to expectations or other characterizations of future events or circumstances, such as statements about our business plans, strategies and initiatives, our expectations about certain markets and our liquidity, are forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, some of which are beyond our control and are difficult to predict. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date stated, or if no date is stated, as of the date hereof. Various risks that could cause future results to differ from those expressed by any forward-looking statement are described in the Company’s reports filed with the U.S. Securities and Exchange Commission, including in the section entitled “Item 1A. Risk Factors” of iHeartMedia, Inc.’s Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. The Company does not undertake any obligation to publicly update or revise any forward-looking statements because of new information, future events or otherwise.

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IHM Press Release Date

Thu, 08/15/2019 - 12:00

IHM Press Category

iHeartMedia, Inc. Announces Proposed Private Offering Of Senior Secured Notes

Read more about iHeartMedia, Inc. Announces Proposed Private Offering Of Senior Secured Notes

San Antonio, TX, August 1, 2019– iHeartMedia, Inc. (NASDAQ: IHRT) announced today that its indirect, wholly-owned subsidiary, iHeartCommunications, Inc. (“iHeartCommunications”), will offer, subject to market and customary conditions, $500,000,000 aggregate principal amount of Senior Secured Notes due 2027 (the “Notes”) in a private offering that is exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”).

The Notes will be guaranteed on a senior secured basis by iHeartCommunications’ direct parent, iHeartMedia Capital I, LLC, and the subsidiaries of iHeartCommunications that guarantee iHeartCommunications’ term loan facility. The Notes and the related guarantees will be secured, subject to permitted liens and certain other exceptions, by a first priority lien on substantially all of the assets of iHeartCommunications and the guarantors (other than accounts receivable and related assets), and by a second priority lien on accounts receivable and related assets.

iHeartCommunications intends to use the proceeds from the Notes, together with cash on hand, to prepay at par a portion of the outstanding borrowings under its term loan facility, to pay accrued and unpaid interest thereon to, but excluding, the date of prepayment, and to pay fees and expenses related to the offering of the Notes and the use of proceeds therefrom.

The Notes and related guarantees will be offered only to persons reasonably believed to be “qualified institutional buyers” in reliance on the exemption from registration pursuant to Rule 144A under the Securities Act and to persons outside of the United States in compliance with Regulation S under the Securities Act. The Notes and the related guarantees have not been registered under the Securities Act, or the securities laws of any state or other jurisdiction, and may not be offered or sold in the United States without registration or an applicable exemption from the Securities Act and applicable state securities and foreign securities laws.

This press release is for informational purposes only and shall not constitute an offer to sell nor the solicitation of an offer to buy the Notes or any other securities. The offering is not being made to any person in any jurisdiction in which the offer, solicitation or sale is unlawful.

Forward-Looking Statements

This press release includes “forward-looking statements” intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. You can identify these statements by the fact that they do not relate strictly to historical or current facts. These statements contain words such as “may,” “will,” “intend,” “expect,” “believe,” “would,” “estimate,” “continue,” or “future,” or the negative or other variations thereof or comparable terminology. These forward-looking statements are based on current expectations and projections about future events. Investors are cautioned that forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties that cannot be predicted or quantified, and, consequently, actual results may differ materially from those expressed or implied by such forward-looking statements.

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IHM Press Release Date

Thu, 08/01/2019 - 12:00

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iHeartMedia to Ring the NASDAQ Stock Market Opening Bell

Read more about iHeartMedia to Ring the NASDAQ Stock Market Opening Bell

New York, NY – July 18, 2019 – iHeartMedia, Inc. announced that Chairman and Chief Executive Officer Bob Pittman and President, COO and CFO Rich Bressler will ring the opening bell today, July 18, to commemorate the listing of the Company’s Class A common stock on the NASDAQ Global Select Market. The stock will begin trading today under the ticker “IHRT.”

The opening bell will ring at 9:30 a.m. ET and the ceremony can be viewed live at https://new.livestream.com/nasdaq/live.

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IHM Press Release Date

Thu, 07/18/2019 - 12:00

IHM Press Category